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Chinese internet giant <keyword id="302749" type="General" weightage="20" keywordseo="alibaba" source="Orion">Alibaba</keyword> is making significant job cuts, reportedly around 7 per cent of its workforce, as it plans separate IPOs for its various business groups. In March, <keyword id="163405" type="General" weightage="20" keywordseo="alibaba-group" source="Orion">Alibaba Group</keyword> planned to split into six business groups and launch separate public listings, triggering mass layoff, according to a Nikkei Asia report. Now, Alibaba has reportedly begun informing affected staff in its Cloud division about layoffs. The company is offering severance packages to the impacted employees and also plans to transfer some workers to other parts of its business verticals. Alibaba employed over 235,000 people (as of March). Last week, Alibaba CEO Daniel Zhang had detailed the restructuring of its Cloud division. Earlier, the Chinese tech giant said it was planning to split the company into six business units, and each unit will explore fundraising or IPOs (initial public offerings). The six units will include the Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group, and Digital Media and Entertainment Group. Each business unit will be led by its own CEO and board of directors. In August last year, Alibaba bid goodbye to nearly 10,000 employees in an effort to cut expenses amid sluggish sales and slowing economy in the country. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/simple-one-electric-scooter-launched-with-212-km-range-check-out-price-specifications-and-other-details/articleshow/100449367.cms">Simple One electric scooter launched with 212 km range: Check out price, specifications and other details</a> <a href="https://www.businessinsider.in/finance/news/2000-note-withdrawal-how-to-exchange-notes-is-it-a-legal-tender-and-other-questions-answered/articleshow/100412941.cms">₹2,000 note withdrawal – How to exchange them, is it a legal tender and other questions answered</a> <a href="https://www.businessinsider.in/tech/news/apple-app-store-prevented-over-2-billion-in-fraudulent-transactions-last-year-banned-282-million-user-accounts/articleshow/100322718.cms">Apple App Store prevented over $2 billion in fraudulent transactions last year, banned 282 million user accounts</a>

Alibaba to make significant job cuts amid IPO plans

<ul><li>Social media and entertainment behemoth <keyword id="212412" type="COMPANY" weightage="20" keywordseo="Tencent">Tencent</keyword> lost $170.2 billion while <keyword id="163405" type="CITY" weightage="20" keywordseo="Alibaba-Group">Alibaba Group</keyword> lost $103.9 billion market capitalisation in the month of July.</li><li>Tencent’s $170 billion slide in market share is one of the fastest evaporation of shareholder wealth worldwide during this period, Bloomberg data shows.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>The storm of regulatory changes ⁠— from new protection for workers to enforcement of minimum salaries to antitrust investigations ⁠— has wreaked havoc in Chinese stock markets. Social media and entertainment behemoth Tencent ⁠— which lost the exclusive music streaming rights and charged with antitrust fines — saw its market value dip by $170.2 billion in July, according to Bloomberg data ,which showed it be one of the fastest evaporation of shareholder wealth worldwide. Tencent had rights to more than 80% of all music tracks in the market and, therefore, an unfair advantage over rivals, said the ruling. At the same time, <keyword id="302749" type="COMPANY" weightage="20" keywordseo="Alibaba">Alibaba</keyword> Group lost $103.9 billion market capitalisation. Jack Ma's companies have been under pressure ever since he spoke against the Chinese' financial regulators in a public speech in October 2020. <div type="image" title="Chinese company valuation drop (1)" height="900" width="1200" msid="84892151" hostid="261"></div> While tightening the regulation of internet companies, China has <a href="https://timesofindia.indiatimes.com/business/international-business/chinas-crackdown-on-its-biggest-companies/articleshow/84848612.cms">reportedly </a>argued that the industry (estimated to be worth $260 billion in 2018) has been “hijacked by capital”. Beijing intends to control companies that “disrupt market order, threaten data security or regulate consumer’s rights.” Didi, the ride hailing app backed by Softbank and Tencent, was banned from app stores just days after a $4.4 billion IPO on Wall Street. The stock is down over 30% since listing. The authorities even barred apps from showing pop-up windows, fearing “misinformation”. This has led Hello Inc, a bike sharing app, and Xiaohongshu (a peer of Pinterest), to stall their US listing plans. From after-school tutoring to music streaming apps and shopping to bike sharing startups have come under the government radar. China has even <a href="https://timesofindia.indiatimes.com/business/international-business/chinas-crackdown-on-its-biggest-companies/articleshow/84848612.cms">ordered </a>education firms to go non-profit. SEE ALSO: <a href="https://www.businessinsider.in/business/news/microsoft-is-in-advanced-talks-to-invest-in-oyo-at-a-valuation-of-9-billion-say-media-reports/articleshow/84883235.cms">Microsoft is in advanced talks to invest in OYO at a valuation of $9 billion, say media reports </a> <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoins-largest-corporate-investor-wants-to-buy-more-despite-taking-a-loss/articleshow/84886881.cms">Bitcoin’s largest corporate investor wants to buy more despite taking a loss </a>

Tencent and Alibaba Group have lost more than $100 billion in July as China cracked down on internet giants

<ul><li><keyword id="163405" type="COMPANY" weightage="20" keywordseo="Alibaba-Group">Alibaba Group</keyword> on Tuesday (June 9) announced that its Cloud business is set to hire 5,000 people globally, this financial year. </li><li>The cloud computing major plans to recruit employees across verticals including database, networking, servers and artificial intelligence. </li><li>The development comes in the backdrop of its recent announcement to invest $28 billion over the next three years to build advanced data centers. </li><li>As of now, <keyword id="3360525" type="PERSON" weightage="20" keywordseo="Alibaba-Cloud">Alibaba Cloud</keyword> has data centers across 63 zones — including two in India. </li></ul>Alibaba Group on Tuesday (June 9) announced that its Cloud business is set to hire 5,000 people this financial year, from across the world. The cloud computing major plans to recruit employees across verticals including database, networking, servers and artificial intelligence. “In light of the fast-growing demand for digital shift from global clients in all sectors, we are continuing with our commitment to offering world-class cloud services. To move forward in full speed, we are not only building trusted cloud technologies and services, but also investing in worldwide IT talents who are pioneering the development of cutting-edge cloud and data intelligence technologies,” Jeff Zhang, President of Alibaba Cloud Intelligence said. In 2017, the Chinese e-commerce giant launched Alibaba DAMO Academy. The academy aims at hiring talent globally for technology research in areas like machine learning, artificial intelligence, natural language processing, Internet of Things (IoT) and vision computing. Its technological achievements over the past years include speech AI, image search, and CT image analytics. The development comes in the backdrop of its recent announcement to invest $28 billion over the next three years to build advanced data centers. As of now, Alibaba Cloud has data centers across 63 zones — including two in India. The company opened its first data center in Mumbai in 2018. “The digital transformation journey for businesses in China, which was previously expected to take three to five years, is now likely to be accelerated to be completed within one year,” Zhang added. Alibaba’ Cloud unit or the data intelligence vertical has over 70 security and compliance accreditations to its name. Meanwhile, the <keyword id="691847" type="PERSON" weightage="20" keywordseo="Google-Cloud">Google Cloud</keyword> platform has also been hiring for senior management roles in India. On June 8, the cloud computing giant onboarded industry veteran Anil Valluri as Senior Director for the cloud business operations in India. "Cloud is the next big transition in the technology industry,” Valluri said. See also: <a href="https://www.businessinsider.in/tech/enterprise/news/ibm-cto-forecasts-that-more-ai-use-cases-are-going-to-come-out-in-grocery-shops-fashion-industry-banking-and-telecom/articleshow/76275159.cms">IBM India CTO pitches grocery shopping by recipes, virtual mirrors and green stores — here's what AI can provide in the post-COVID world</a> <a href="https://www.businessinsider.in/business/corporates/news/anand-mahindras-sanjivani-solution-for-cos-think-like-a-startup-and-do-a-marie-kondo-style-clean-up-of-portfolio/articleshow/76275190.cms">Anand Mahindra’s Sanjivani solution for cos – think like a startup and do a Marie Kondo style clean up of portfolio</a>

Alibaba Group is set to hire 5,000 technology professionals globally for its cloud business

<ul class="summary-list"><li><keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> Group has been hit with a record $2.8 billion fine in <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>.</li><li>Billionaire founder <keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword>'s tech empire has come under increased scrutiny from regulators.</li><li>"Alibaba accepts the penalty with sincerity," the company said in a statement.</li></ul>China on Saturday fined Jack Ma's Alibaba Group a record $2.8 billion for abusing its leading market position.Alibaba Group said in a statement that the penalty came from the State Administration for Market Regulation, which had been investigating it since December. The fine was yet another sign that Chinese regulators have taken a more critical stance towards the tech empire built by Ma, one of the country's wealthiest moguls.Speaking at a conference last fall, Ma <a href="https://www.businessinsider.com/jack-ma-financial-regulations-ant-group-alibaba-2020-10">made negative comments</a> about <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">international</keyword> financial regulations. Chinese President Xi Jinping then reportedly halted a planned <a href="https://markets.businessinsider.com/news/stocks/ant-group-ipo-personally-halted-china-xi-jinping-jack-wsj-2020-11-1029800224">$37 billion initial public offering</a> by Ant Group, another Ma company. After the clash, Ma <a href="https://www.businessinsider.com/inspiring-life-story-of-alibaba-founder-jack-ma-2017-2">disappeared</a> from public view for months. It was later reported by The Financial Times that he'd spent some of that time <a href="https://www.businessinsider.com/jack-ma-home-in-china-amid-speculation-over-location-ft-2021-3">meeting with regulators</a>. The government on Saturday said Alibaba had used anti-competitive practices in its online retail market.The fine was equal to about 4% of Alibaba's annual sales in China, according to <a href="http://www.xinhuanet.com/english/2021-04/10/c_139871057.htm">Xinhua News</a>, a quasi-state media outlet. Local news reports said the company would be required for three years to complete "self-inspection" reports that it would then submit to the watchdog. "Alibaba accepts the penalty with sincerity and will ensure its compliance with determination," the company said Saturday in <a href="https://www.businesswire.com/news/home/20210409005494/en/Alibaba-Group-Has-Received-the-Administrative-Penalty-Decision-Issued-by-the-State-Administration-for-Market-Regulation-of-the-People%E2%80%99s-Republic-of-China">a press release</a>. It added: "To serve its responsibility to society, Alibaba will operate in accordance with the law with utmost diligence, continue to strengthen its compliance systems and build on growth through innovation."The company also published <a href="https://www.alizila.com/a-letter-to-our-customers-and-to-the-community/">an open letter</a> to customers, saying it had "fully cooperated" with the investigation. "Alibaba would not have achieved our growth without sound government regulation and service, and the critical oversight, tolerance and support from all of our constituencies have been crucial to our development," the company said.The 18 billion yuan fine was a record for China, surpassing the $975 million fine issued to Qualcomm in 2015, as <a href="https://www.businessinsider.com/qualcomm-to-pay-nearly-1-billion-to-end-chinese-antitrust-suit-2015-2">Reuters</a> reported at the time. Alibaba will hold a conference call on Monday to discuss the penalty.

Alibaba Group hit with record $2.8 billion fine amid increased government scrutiny of billionaire Jack Ma's tech empire

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/jack-ma-alibaba#ma-stepped-down-from-his-post-as-ceo-in-2013-9">Jack Ma</a> has some words of encouragement for Alibaba Group employees.</li><li>In a roughly page-long memo, he addressed the company's shortcomings, Reuters reported.</li></ul>Alibaba employees received a rare memo from cofounder Jack Ma, and the message was motivational.Ma spent years out of the public eye but <a target="_blank" href="https://www.businessinsider.com/jack-ma-teacher-alibaba-tech-titan-high-tech-farmer-agriculture-2023-12">resurfaced with some appearances and quiet business moves</a> in 2023. His most recent venture into the spotlight is a long message shared to employees on an internal Alibaba forum, Reuters <a target="_blank" href="https://www.reuters.com/business/retail-consumer/alibaba-founder-jack-ma-steps-out-shadows-with-long-internal-post-2024-04-10/">reported</a>.He acknowledged Alibaba's past mistakes, but the former CEO had kind words for the new chief executive Eddie Wu and <a target="_blank" href="https://www.businessinsider.com/billionaire-joe-tsai-wnba-charter-planes-avoid-team-travel-disasters-2021-10">Chairman Joe Tsai</a>."This year, amid the many doubts and pressures on the company internally and externally, I saw the birth of a strong and brave Alibaba team," Ma said in the memo viewed by Reuters, which reported it was the longest from Ma sent in five years.It has been a tough year for his company, which announced a big shake-up in March 2023 that entailed <a target="_blank" href="https://www.businessinsider.com/alibaba-new-ceo-eddie-wu-cofounder-jack-ma-2023-6">Alibaba Group dividing into six new groups</a>. The company appointed Wu CEO months later.Although Ma reportedly praised the restructuring in his page-long memo, he still encouraged Alibaba to right issues from the past.Since 2021, the company has dealt with scrutiny from the Chinese government, <a target="_blank" href="https://www.businessinsider.com/jack-ma-alibaba-group-28-billion-antitrust-fine-china-2021-4">a $2.8 billion antitrust fine, </a>and successful rivals in e-commerce. Around the same time, Ma began to retreat from the public eye."We must not only have the courage to admit and correct yesterday's problems in a timely manner but also make reforms for the future," he said, according to Reuters.Over the past three years, Alibaba has faced fierce competition in the <a target="_blank" href="https://www.businessinsider.com/jack-ma-alibaba-pdd-temu-market-value-shares-china-tech-2023-12">Chinese e-commerce space</a>. Ma congratulated PDD Holdings — Temu's parent company — in a previous memo to employees one day before the company surpassed Alibaba in market value.Ma once had plans to sell his shares in Alibaba, but reversed them when he began buying more in Q4 of 2023. He spent an estimated $50 million Alibaba shares, The Wall Street Journal <a target="_blank" href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-earnings-01-24-2024/card/alibaba-stock-rallies-after-jack-ma-buys-shares-PdZIZwLpLbBI6KMmM5m2">reported</a>.

Jack Ma sends longest memo to Alibaba employees in 5 years

<ul class="summary-list"><li>Alibaba, the Chinese e-commerce and tech giant, is switching up its leadership.</li><li>Cofounder Eddie Wu will replace Daniel Zhang as CEO, the company announced Tuesday.</li></ul>Alibaba has a new CEO.Eddie Wu, currently the chairman of Taobao and Tmall Group, will take over as CEO from Daniel Zhang, Alibaba Group announced Tuesday. The change in roles will take effect on September 10.Zhang is also stepping down from his role as chairman of the board, per the company's announcement on Tuesday. He will be replaced by Joseph C. Tsai, who's currently the executive vice chairman of the group.Alibaba is worth $238 billion, making it the <a href="https://companiesmarketcap.com/china/largest-companies-in-china-by-market-cap/">third-most valuable company</a> in China behind gaming giant Tencent and beverage company Kweichow Moutai.In March, the company <a href="https://apnews.com/article/alibaba-ipo-taobao-cainiao-capital-fdf5fad762288d52114daed29d160582#:~:text=Alibaba%20Group%20said%20in%20a,Digital%20Media%20and%20Entertainment%20Group.">announced</a> it would be splitting into six separate groups. Taobao and Tmall Group, which Wu is currently the head of, is one of those six groups.After Zhang steps down from his role, he will lead Alibaba's Cloud Intelligence Group as chairman and CEO, the company announced.<h2>Who is Eddie Wu, the new CEO of Alibaba?</h2>Wu has thus far maintained a low media profile, but here's what we know about him.Education: Wu <a href="https://www.thedrum.com/opinion/2018/11/08/meet-the-18-original-founders-alibaba">graduated</a> from Zhejiang University of Technology with a bachelor's degree in computer science in 1996.History at Alibaba: He's one of the cofounders of Alibaba, and he currently serves as a senior vice president overseeing three business units, per <a href="https://www.crunchbase.com/person/eddie-wu">Crunchbase</a>. Those include mobile, instant messaging, and music. He was Alibaba's first programmer, according to <a href="https://www.thedrum.com/opinion/2018/11/08/meet-the-18-original-founders-alibaba">the Drum</a>, an outlet focused on the marketing and media industries.Alibaba did not immediately respond to a request for comment from Insider.This is a developing story. We'll update it as we learn more.

Meet the new CEO of Alibaba

Bengaluru, June 16 (IANS) Alibaba Cloud, the data intelligence backbone of Chinese e-commerce giant Alibaba Group, on Tuesday said it would invest $283 million during this fiscal year to empower global partners and accelerate joint innovations in the post pandemic era. The investment aims to bring its partners up to speed with digitalisation capabilities and create joint products and solutions to benefit even more customers across all sectors. "As Alibaba Cloud continues to expand our product and services offerings, we want to bring even more opportunities to our partners so that we can collaboratively innovate to bring the most up-to-date services to our customers, and generate business success for them," Lancelot Guo, VP of Alibaba Group, and GM of Ecosystem and Sales Operations, Alibaba Cloud Intelligence, said in a statement. "The investment shows our commitment to help partners integrate their businesses with Alibaba Cloud, and together we will create more value for the global cloud industry." Alibaba Cloud is working with close to 10,000 global partners serving more than 350,000 business customers worldwide, the company said. In support of the "to-be-integrated" initiative, to date, together with partners such as MongoDB, Intel, VMware, Salesforce, SAP, Red Hat and Fortinet, Alibaba Cloud has created more than 500 joint solutions catering to industries such as new retail, fintech, manufacturing, media and entertainment. "Alibaba Cloud has cultivated strategic partnerships with Global System Integrators like Infosys to drive business growth in India, China, and the rest of the world," said Alex Li, General Manager, Alibaba Cloud, South Asia, while talking about the Indian ecosystem. "We are committed to working and cultivating partnerships with Global System Integrators across several areas including sales, delivery, technology and services." With the investment to be carried out in the current fiscal year, Alibaba Cloud aims to introduce new and improved work process with partners to increase communication efficiency, so that the parties can respond quickly to changing customer demands, especially during black swan events such as the Covid-19 pandemic. --IANS gb/na

Alibaba Cloud invests $283mn to empower global partners

<ul class="summary-list"><li><keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> rose 5% after <keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> resurfaced in a videoconference on Wednesday after weeks of laying low.</li><li>The billionaire founder could be seen addressing 100 rural teachers across <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword>.</li><li>Ma seemed to embrace themes promoted by the ruling Communist Party, according to Bloomberg.</li></ul><a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> shares jumped 5% at market open as founder <a href="https://www.businessinsider.com/jack-ma-alibaba-video-call-2021-1">Jack Ma resurfaced in a 50-second video clip</a> on Wednesday after he was <a href="https://au.finance.yahoo.com/news/jack-ma-missing-232138645.html">suspected missing</a> for weeks.Ma's live-streamed video sent Alibaba's Hong Kong shares up by as much as 8.5%. In the video, he can be seen addressing 100 rural teachers as part of a ceremony that recognizes exceptional educators in impoverished areas."Recently, my colleagues and I have been studying and thinking. We made a firmer resolution to devote ourselves to education philanthropy," Ma said in the clip, <a href="https://www.bloomberg.com/news/articles/2021-01-20/jack-ma-emerges-for-first-time-since-crackdown-on-ant-alibaba?srnd=premium-asia&amp;sref=BLKWHazcHazc">according to Bloomberg</a>. "Working hard for rural revitalization and common prosperity is the responsibility for our generation of businessmen."The billionaire, who is a former English teacher, seemed to embrace themes promoted by China's Communist Party, Bloomberg said. He spoke about shrinking income disparities through a return of younger talent to rural areas. Read more: <a href="https://www.businessinsider.com/stocks-to-buy-green-energy-investing-strategy-renewables-revolution-goldman-2021-1" target="_blank" rel="noopener noreferrer">Goldman Sachs reveals the 8 'green energy majors' that are set to shoot up in value in a sector worth trillions of dollars as the renewables race heats up</a> A spokesperson for the Jack Ma Foundation <a href="https://www.businessinsider.com/jack-ma-alibaba-video-call-2021-1">told Insider</a> Ma had participated in the event on January 20 and confirmed the authenticity of the video clip.Ma had seemingly disappeared from public view about two months ago after he publicly snubbed China's regulatory system, saying the nation's rules do not help foster innovation. He even criticized regulatory decisions to enforce a set of international banking rules as an "old man's club." Soon after, China enacted new rules that clamped down on online financial lending, directly impact the lending business of Ma's <keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">Ant Group</keyword>. Regulators ordered Ant to overhaul its business and return to its origins as a payment service after officials accused the company of <a href="https://www.businessinsider.com/china-orders-ant-group-change-business-return-payment-origins-2020-12">"turning a blind eye" to requirements</a>. Read More: <a href="https://www.businessinsider.com/stock-picks-to-buy-best-profit-growth-reopening-goldman-sachs-2021-1">GOLDMAN SACHS: Buy these 25 stocks best-positioned to juice profits in 2021 as stimulus and vaccine progress spur economic growth</a>

Alibaba jumps 5% after billionaire Jack Ma appeared in a 50-second videoclip after weeks of laying low

<a href="https://markets.businessinsider.com/stocks/baba-stock"></a><ul class="summary-list"><li><keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword> reported the first-ever profit in its cloud business of $3 million on Tuesday.</li><li><keyword id="4856" type="PERSON" weightage="60" keywordseo="Baba">BABA</keyword> reported strong earnings including 37% year-over-year revenue growth and net income of $8.96 billion.</li><li>Alibaba's <keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">ANT Group</keyword> has also reportedly reached a restructuring deal with Chinese regulators. </li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> are up over 5% on Wednesday after the company <a href="https://www.alibabagroup.com/en/ir/earnings">reported the first-ever profit</a> from its cloud business during the December quarter.The Chinese e-commerce giant reported an adjusted EBITDA of 24 million yuan or $3 million for its cloud business in its earnings report on Tuesday.While the figure makes the cloud business just barely profitable, it does represent a transformation from a loss of 356 million yuan ($55.1 million) for the same period a year ago. Additionally, cloud computing revenue jumped 50% year-over-year to a record 16.11 billion yuan."Our cloud computing business continues to expand market leadership and show strong growth, reflecting the massive potential of China's nascent cloud computing market as well as our years of investment in technology," Alibaba CEO Daniel Zhang said in a press release.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-heavily-shorted-companies-overweights-wells-fargo-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Buy these 26 heavily shorted stocks as retail traders trigger wild rallies in Wall Street's least liked names, Wells Fargo says</a>It wasn't just Alibaba's cloud business that performed well during the most recent quarter either. Revenue jumped to $33.5 billion, and net income rose to $8.96 billion in the quarter."We delivered another solid quarter, with revenue growth of 37% year-over-year and adjusted EBITDA up 22% year-over-year, while our strong free cash flow enabled us to further invest in strategic areas," said Maggie Wu, Chief Financial Officer of Alibaba Group.Alibaba has been focused on revenue diversification and profit generation of late as it faces regulatory uncertainty domestically.The company was hit with <a href="https://www.businessinsider.com/alibaba-antitrust-jack-ma-ant-group-beijing-regulators-2020-12">an antitrust probe</a> from the Chinese government back in December, and its holdings in the fintech giant ANT Group have been under scrutiny as ANT faces its own regulatory hurdles.On Wednesday, however, <a href="https://www.bloomberg.com/news/articles/2021-02-03/ant-is-said-to-reach-agreement-with-china-regulators-on-overhaul">Bloomberg broke the news</a> that Ant Group and Chinese regulators have agreed on a restructuring plan that will turn ANT into a financial holding company, making it subject to capital requirements similar to banks.The plan calls for putting all of Ant's businesses into the holding company, which is good news for the fintech giant as some market participants had been speculating Ant might be forced to spin off portions of its business, Shujin Chen, Hong Kong-based head of China financial research at Jefferies Financial told Bloomberg.Read more: <a href="https://www.businessinsider.com/gamestop-wallstreetbets-reddit-trader-mania-populist-movement-occupy-wall-street-2021-1?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">The GameStop mania driven by Reddit traders isn't simple market trolling. It's a populist movement threatening to disrupt the financial system to a degree Occupy Wall Street only dreamed of.</a>Additionally, after the company's Tuesday earnings release Alibaba revealed plans to raise up to $5 billion via US dollar-denominated bonds with several tranches at different maturities up to 40 years, <a href="https://www.cnbc.com/2021/02/03/alibaba-looking-to-raise-up-to-5-billion-in-us-dollar-bond-issuance.html">CNBC reported</a>.Despite pressure from Chinese regulators, analysts are mostly bullish on Alibaba due to its impressive e-commerce market share and growing cloud business. The company boasts 22 "buy" ratings, six "neutral" ratings, and zero "sell" ratings from analysts.

Alibaba jumps as cloud business reports first-ever quarterly profit

<ul><li><keyword id="424838" type="PERSON" weightage="60" keywordseo="Jack-Ma">Jack Ma</keyword> lost about $3 billion of his wealth on Tuesday after it was revealed that the <keyword id="9821805" type="UNKNOWN" weightage="60" keywordseo="Ant-Group-IPO">Ant Group IPO</keyword> would be delayed.</li><li>Regulators in Shanghai and Hong Kong have suspended the highly anticipated IPO, which attracted $3 trillion in bids and was set to be the largest IPO in history.</li><li>Shares of <keyword id="302749" type="COMPANY" weightage="60" keywordseo="Alibaba">Alibaba</keyword>, which owns one third of <keyword id="9541717" type="UNKNOWN" weightage="60" keywordseo="Ant-Group">Ant Group</keyword>, fell as much as 10% on Tuesday. </li><li>Ma owns 4.2% of Alibaba, which is worth more than $775 billion. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Jack Ma's net worth fell by about $3 billion on Tuesday, according to <a href="https://www.bloomberg.com/news/articles/2020-11-03/jack-ma-s-fortune-slumps-3-billion-after-ant-group-ipo-freeze?srnd=markets-vp&amp;sref=LspfQlRvQlRv">Bloomberg's Billionaire Index,</a> after the <a href="https://markets.businessinsider.com/news/stocks/ant-group-ipo-suspended-shanghai-hong-kong-china-regulators-2020-11-1029758861">delayed Ant Group IPO</a> sent shares of Alibaba down by as much as 10%.<a href="https://markets.businessinsider.com/stocks/baba-stock">Alibaba</a> owns 33% of Ant Group, and Jack Ma owns 4.2% of Alibaba, which has a market capitalization of about $775.5 billion. Ant Group was set to go public via a dual listing on the Hong Kong and Shanghai exchanges this week in what was expected to be the largest IPO in history. Ant Group was set to raise nearly $35 billion in proceeds from the offering.The deal was set to be so big that <a href="https://markets.businessinsider.com/news/stocks/ant-group-record-ipo-attracts-trillions-retail-investor-bids-alibaba-2020-10-1029746289#">it attracted $3 trillion in bids,</a> or roughly 872 times the exchange's supply of shares.Read more: <a href="https://www.businessinsider.com/stock-market-crash-fear-gauge-signals-meltdown-after-2020-election-2020-10?R=gr-sub" target="_blank" rel="noopener noreferrer">Wall Street's fear gauge is warning that the upcoming election could trigger a prolonged period of stock-market chaos — one that's much worse than the aftermath of 2016</a>The suspension of the Ant Group IPO came one day after Ma and two top executives of Ant Group were summoned to meet with Chinese regulators. <a href="https://www.reuters.com/article/us-ant-group-ipo/shanghai-stock-exchange-suspends-ant-groups-a-share-ipo-idUSKBN27J1OS">According to Reuters,</a> regulators told the trio that Ant's "lucrative online lending business would face tighter government scrutiny."Still, even with today's drop in shares of Alibaba, Ma is still worth about $54 billion, according to Bloomberg.

You Searched For "Alibaba Group" and got 10 results

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Alibaba jumps 5% after billionaire Jack Ma appeared in a 50-second videoclip after weeks of laying low

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Alibaba jumps as cloud business reports first-ever quarterly profit

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Jack Ma sees $3 billion erased from his net worth as Alibaba shares tank following Ant Group IPO delay

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